Wed 2 Dec 15

Andrew Page secures further funding to support growth

Andrew Page secures further funding to support growth
Leading supplier of automotive parts and garage equipment, Andrew Page Group, has secured further funding from its provider PNC Business Credit, ("PNC") a leading Asset Based Lender to UK mid-market companies and a wholly owned subsidiary of PNC Bank National Association ("PNC Bank"), one of the largest financial institutions in the United States. This comes a year after the group agreed a refinancing deal with PNC and the new funding will see its original facility level increase from £40m to £50m to support its growth plans.

Mark Saunders, CEO, stated, "this is a real vote of confidence in the business and recognition of our growth momentum which was double digit across all sales channels in the past year. Additionally we have recently launched a new on-line sales platform, fitted out 5 of our existing branches with new retail stores, successfully opened a new branch in Cardiff along with opening a new branch in Woodford Green this month."
 
He went on to say "this however only tells half the story. We are also focusing relentlessly on improving efficiency and reducing costs. Our recent investments in vehicle telematics, upgrading our van fleet and rolling out a new fully integrated digital telephony system is facilitating significant savings. Over the past number of months we have seen the benefits of these investments already translate into overhead reductions of £2.8m on an annualised basis."  
 
Ed Brookes, CFO commented, "The new £50m funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain our momentum.  PNC are a terrific partner to have on board through this exciting stage of our development."
 
Jim Sumner, Chairman said, "Our expansion plans and the confidence of our financial backers is a reflection of the wide experience and hard work undertaken by the management team.  The continued focus on the streamlining our business is paying dividends and we're at the top of our game."

The firm, which is backed by private equity houses Endless and Phoenix Equity Partners, operates 108 branches across the UK and at the start of last year stated its intention of expanding through a combination of acquisitions, new branch opening and investing on-line.